Morning journal and courier., 1887-06-16
CHICAGO ESCAPES A PANIC

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 Hut still There Is Mnch excitement On The Board of Trade-A Nunaber of Suspensions of Firms Dealing In Wheat.
 I CHICAGO, June 15.-A panic was averted ! at the opening of the board of trade this
 morning by 0. J. Kershaw's announcement that he had money enough in the American Exchange National bank to pay his firms clearing house differences and to margin be- low the market. Several small failures were announced, but attracted little attention. These were of Mess. B. J. McCleary & Co.,, and s. c. Orr. Wheat advanced at once a cent to 66 cents for July. As il o'clock ap- preached the crowd knew that the most dan gerous moment was at hand. The clearing sheets must be in and the differences of the day before settled. Immediately after Il o'clock came the announcement of another batch of suspensions. This time they were T. E. Railing & Co.,, Crosby & Go. and Pick
 ering & Go. Crosby's failure produced 8 sensation. He has been rich man in the market for ten years and the trade supposed he was impregnable. Then at 80 came the announcement of the suspension of M. B. Crafts & Go. and M. s. Robinson & Co.,. the latter a presumably substantial house The crowd thought the crisis was passed when the clearing sheets were ip, but here there was another terrible disappointment- c. J. Kershaw & Co., account at the Amer ican Exchange bank, am bunting to $500, ,00O, had been garnisheed at 10 8. m. by Rosen- field & Go. The latter learning that Wilt shire of Cincinnati was in the city and that he had taken ca1e of Kershaw & Go. while he had allowed them to go to the wall hurried to their lawyer Garnishee papers were procured and the money to Ker- shaw & Co.'s credit at the American Ex- change bank was attached. This occurred while they at the board of trade were in in fancied security. It was not until Ker- shaw's partner, Dewar, wno had taken a return that there was any inkling of trouble. At noon the check had not returned and there was consternation. It began to leak out on the floor and July wheat dropped to 7015. Trading was suspended. The hands of the clock passed the noon hour and Ker- shaw's check had not arrived Contrary to the rule the clearing hour was extended five minutes. Still no certified check. Then the official announcement was made that Kershaw & Go. had failed to go through. After this was definitely known and that the firms bank account was held up there was less depression. The crowd felt that Kershaw with $800, ,000 in the bank even if garnisheed wass better creditor than without that $600, ,000 which Wiltshire had brought. Besides the buying by the big men who had other interests i'm perilled by panic turned the market up from seventy cents. July sold up to seventy two cents between 13 and 1 o'clock. The tying up of the $S00,000 virtually tied up the market and the last hour of the long session was uneventful as to; the amount of business done. The o'clock range of prices showed a material recovery from bottom quotations and no change of consequence occurred during the afternoon session. June and July wheat closed 1-2 and ? 1-2 lower respectively. On the after noon board there was 8 better feeling Ker- shaw & Go. sent the following commnnica- ton:
 We are all tied up. but are solvent and can pay up to noon We expect to extricate ourselves and pay in full tomorrow morning.
 Frank Johnson, of the failed firm of Maurice Rosenfeld & Co.,, say that if the cHque stooo Dy AersnaW It would nave to stand by his firm. They were sparing no effort to get at Wiltshire and bring him to time. The failure of Charles Henrotin, a prominent stockbroker and member of the New York Stock Exchange and for many years the Belgian consul in Chicago was 8 general surprise and added to the uneasi- ness. He expects to pay every dollar and re- sume.
 In the circuit court to-day suit was com- meneed by the failed firm of Rosenfeld & Co.,, against Wiltshire, Eckert & Co.,, of Cin- cinnati, for s1,000,O0O. A deputy sheriff secured service during the afternoon on Wilt shise while the latter was in conference in the Dearborn street bank MT. Rosenfeld said tonight that the suit was of civil nature. It had been brought in hurry to secure service on Wiltshire while he was in town.